Timex Group India, best known for their brand of watches had been witnessing a flat growth for the last couple of years. However, it hopes for a revival in market conditions in 2010-11. The company?s revenue for 2007-08 was Rs 132.89 crores. In 2008-09, the turnover dipped marginally to Rs 131.96 crores. This year, Timex has been seeing a modest three per cent growth in topline for the last nine months. It expects a 10 per cent growth in revenues next year. According to Gopalratnam Kannan, MD, Timex Group India growth in 2009-10 has been sluggish; the company expects better opportunities in the coming year. The company also sees growth opportunities in Tier II and Tier III cities.
Timex India markets 12 brands of watches including Timex, Versace, Nautica and Guess, spanning Rs 600 to a few lakh rupees. It will soon launch an American fashion brand Marc Ecko at select outlets. The company, which has around 70 stores (a mix of kiosks and standalone stores) across the country, will open 20 more stores next year. It plans to invest around Rs 20 million on store expansion.